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BULLET St. Louis City Ordinance 69502

St. Louis City Ordinances have been converted to electronic format by the staff of the St. Louis Public Library. There may be maps or illustrations (graphics) that are not available in this format. This electronic version has been done for the interest and convenience of the user. These are unofficial versions and should be used as unofficial copies.

Official printed copies of St. Louis City Ordinances may be obtained from the Register's Office at the St. Louis City Hall.


BOARD BILL NO. [13] 112

INTRODUCED BY ALDERMAN PHYLLIS YOUNGPHYLLIS YOUNG, FREEMAN BOSLEY, SR.

An ordinance stating the intention of The City of St. Louis, Missouri (the "City"), acting through the Treasurer of The City of St. Louis, Missouri, as Superintendent of Parking Meters (the "Treasurer") to issue one or more series of bonds (the "Bonds") in an aggregate principal amount not to exceed $2,000,000 in order to pay and reimburse the City's Parking System for costs associated with the acquisition of the Cupples 7 building, situated at 1014 Spruce Street, in The City of St. Louis, Missouri, and the subsequent demolition of such building and landscaping and improvement of the site (collectively the "Project"); superseding provisions of prior ordinances of the City to the extent inconsistent with the terms hereof; and containing an emergency clause.

WHEREAS, using funds on hand in the general account of the Parking System, the Treasurer has paid, and expects to pay, certain costs ("Project Costs") in connection with the Project; and

WHEREAS, the Treasurer has determined that the funds advanced and to be advanced from such general account to pay such Project Costs will be available only on a temporary basis and, accordingly, wishes to declare the "official intent" to reimburse the general fund for Project Costs from the proceeds of Bonds to be issued in the future, including an amount to cover costs of issuing the Bonds and to provide a contingency reserve for additional costs incurred hereafter, in a maximum principal amount not to exceed $2,000,000, and otherwise to meet the requirements of U.S. Treasury Regulations 1.150-2, as amended (the "Treasury Regulations").

NOW THEREFORE, BE IT ORDAINED BY THE CITY OF ST. LOUIS AS FOLLOWS:

Section 1. Temporary Use of Money in the General Account. The Treasurer reasonably expects to use money in the general account of the City's Parking System to pay Project Costs incurred in connection with the Project.

Section 2. Long-Term Financing Expected. The Treasurer also expects to request that Bonds be issued by the City to provide long-term financing for the Project.

Section 3. Principal Amount of Bonds. The maximum principal amount of Bonds for which the Treasurer expects to request issuance is expected not to exceed $2,000,000.

Section 4. Declaration of Official Intent. This Board hereby declares the "official intent" of the City to use a portion of the proceeds of the Bonds to reimburse the general account of the City's Parking System for funds temporarily advanced to pay Project Costs prior to the issuance of the Bonds, and the Treasurer and other appropriate officials of the City are hereby directed to take all steps necessary to meet the requirements of the Treasury Regulations concerning such reimbursement.

Section 5. Superseding of Inconsistent Provisions. The provisions of this Ordinance hereby amend any provision of any ordinance of the City inconsistent with the terms hereof, but only to the extent of such inconsistency.

Section 6. Emergency Clause. Since the passage of this Ordinance and the issuance of the Bonds and other actions provided for hereunder is to provide for public works and improvements, an emergency is hereby declared to exist under the terms and provisions of Article IV, Sections 19 and 20, of the Charter of The City of St. Louis; and this Ordinance shall take effect immediately upon its approval by the Mayor.

Legislative History
1ST READING REF TO COMM COMMITTEE COMM SUB COMM AMEND
06/14/2013
2ND READING FLOOR AMEND FLOOR SUB PERFECTN PASSAGE
ORDINANCE VETOED VETO OVR SIGNED BY MAYOR
69502

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